First off, lets’ deal with the emotional side of getting a default notice. There is no doubt this is a tough situation to be in. There are several reasons why you have started to miss a few payments. We won’t rehash that here (see the www.sellmyhouse.com blog). Sometimes there is comfort in knowing that other good people such as yourself fall on hard times. Let me tell you, you aren’t alone. Thousands of homeowners are facing hard decisions and the toughest part may be actually facing the fact that you are in trouble and you need to deal with the problem head on. In the case of a foreclosure, time is not on your side. It begins ticking the minute you get your first default notice and the closer you get to the auction the less likely you will be able to stop it.

Second, you have to get educated about the process and what your options are. You can stop the foreclosure process, even buy more time, but you must act quickly by learning what you have to do. We discuss the 4 basic options at ‘What Options Do I Have If I’m In Foreclosure’. Each situation is different. You must know that going into this process but those 4 options are basically what you must choose from. A variety of factors such as how many payments have been missed, how much equity is in the home, and can you afford to make future payments are just a few. Some of those factors can be combined such as a short sale and a sale to an investor. The point being, you need to figure out what your options are. A great start would be to contact somebody who can help you evaluate your situation and help you devise an action plan. There are a few places you could start. Go to www.sellmyhouse.com to get information on the process and to find out what options you have, visit www.webuyhouses.com to locate an investor who might make you an offer, or to begin the workout process start with a workout sheet. If you would like to get answers directly from an expert in real estate liquidation visit sell my house’s Live Support.

Finally, you have to understand that this process is going to be grueling. It may cost you some money to get out of as well. You’ve heard the term nothing in life is free and this is no different. If a short sale is involved then you will be required to work with somebody who will manage the process, typically a Realtor who understands the paperwork system a bank will require before agreeing to the sale. Your bank will require that you exhaust every effort to make your payment and also sell your house for the highest possible price to reduce their losses. This will likely involve a Realtor, and MLS listing, some advertising, and possibly an auction if no buyer has presented and acceptable offer. The combination of all of those marketing efforts will give you the best chance of completing a sale. For more information visit www.sellmyhouseauction.com.

Most banks are willing to accept work out and/or short sales at the moment from well prepared owners due to the current foreclosure environment. You have to put the fear of facing the situation head on aside and either learn how the process works or find an expert to help you. Sooner rather than later. You should not throw up your hands however and just walk away from the house. More harm will come to your credit by doing this than by sticking it out, working with the bank, and getting the house sold, even if that means for less than you owe. The bank does not want your house back. They want you to stay in it and keep it maintained. The house is worth more if you still live in it and make sure that the heat is on, the water pipes don’t break, or it’s not vandalized. Selling a house is an emotional roller coaster. Selling a house in pre-foreclosure is nothing short of exhausting. But, stick it out, go the distance, do the right thing and help the bank get out of the situation by cooperating. You will be better off in the long run for it!